Sensex soars 150 points after two months on RIL fireworks

Mumbai :Market continued its winning spell for the third straight session today as the benchmark BSE Sensex rose over 150 points to end at 27,364.92 — a two-month high—after RIL drove the show following its record quarterly earnings announced on Friday.

Asian markets ended on a mixed note after China’s September quarter GDP data showed that the world’s second-largest economy grew better than expected amid lingering concerns.

Reliance Industries emerged as the top gainer, ending 5.61 per cent up at Rs 963.40 on BSE after the company reported its highest-ever quarterly net profit Rs 6,720 crore for the three months ended September 30.

A pick-up in buying activity ensured the 30-share barometer after hitting the day’s high of 27,387.91 settled at 27,364.92, up 150.32 points, or 0.55 per cent—its strongest close since 27,366.07 on August 21.

The index has now gained over 585 points in the last three sessions.

The NSE Nifty too gained 36.90 points, or 0.45 per cent, to end at 8,275.05 after trading between 8,283.05 and 8,239.20.

An upcoming meeting of Finance Ministry officials with foreign portfolio investors, beginning tomorrow, in an attempt to make market transactions easier boosted sentiment.

A stronger rupee, at 64.80, remained in a sweet spot, which pushed up buying activity.

“Market started the week on a positive note on the back of strong quarterly corporate earnings mainly led by index heavyweight Reliance industries. Improving macro data from China, continued buying by global and domestic investors and stable commodity prices enhanced confidence of the Street,” said Gaurav Jain, Director, Hem Securities.

Sectorally, BSE realty won the day, up 2.57 per cent, followed by technology, healthcare, IT and oil and gas.

Those who lost out included ONGC, Tata Motors, Tata Steel, L&T and Hindalco, thus capping the benchmark’s rise.

Helped by retail investors’ sustained buying, the small-cap index too climbed 0.77 per cent and mid-cap 0.69 per cent.

Major European indices ruled firm in opening trade.

Foreign investors net bought shares worth Rs 436.79 crore last Friday, provisional data showed.